Statement of Assets and Liabilities for last Five Years and Latest ...

16. Major components of net deferred tax liability are as under:(Rs. in Lacs)As at31-03-2009As at31-03-2008Liability on account of difference between463774 438028WDV as per Income Tax Act andCompanies Act.Less: Deferred Tax Asset on account ofUnabsorbed DepreciationLess: Deferred Tax Asset on account ofMAT CreditLess: Deferred Tax Asset on Misc.Expenditure to be written offLess: Deferred Tax Asset on account ofEmployee benefits238105 234718- 178305 -9 15Net Deferred Tax Liability 225655 185465The provision for Deferred Tax Liability for the current year is without consideringMinimum Alternative Tax (MAT) credit as Deferred Tax Assets (DTA). Similarly, MATcredit of Rs. 17828 Lakhs considered as DTA during earlier years has also beenreversed and provided as Deferred Tax Liability for earlier years in Profit & LossAccount.17. Long Term Loans & Advances (Schedule 5) include Lease Receivables representingthe present value of future Lease Rentals receivable on the finance leasetransactions entered into by the company since inception as per the AccountingStandard (AS) – 19 issued by the Institute of Chartered Accountants of India.The reconciliation of the Lease Receivable amount on the Gross value of RollingStock assets worth Rs.4793863 Lacs (P.Y. Rs.4198893 Lacs) owned by the companyand leased to the Ministry of Railways is as under:ParticularsA. Gross Value of Assets acquired & Leased upto theend of previous Financial YearB. Less value of assets securitised/assigned duringthe year(Rs. in Lacs)As at As at31-03-09 31-03-084094788 3738412173375 104105C = (A - B) 3921413 3634307D. Less: Capital Recovery provided upto last Year 1587259 1458703E. Less Capital Recovery provided upto last year on 70814 21419